To estimate your savings, select a credit range and enter your outstanding debts
Here's how a Discover personal loan can help you consolidate debt and save
Lower your interest rate
Rates from 6.99% to 24.99% APR can help you save on interest.
Make one fixed payment a month
Combine multiple higher interest bills into one easy monthly payment.
Pay off creditors directly
And say goodbye to all those bills from credit cards, store cards and more.
Rates from 6.99% to 24.99% APR can help you save on interest.
Combine multiple higher interest bills into one easy monthly payment.
And say goodbye to all those bills from credit cards, store cards and more.
Common questions about debt consolidation loans
The debt consolidation calculator totals up the debts you input and, using your average interest on that debt, estimates how long it would take to pay it all off if you continue to simply make your current monthly payments. It also estimates how much you'd spend on interest if you continued to pay down your debt in this way.
Then, the calculator also estimates your pay-down time and total interest paid if you were to get a debt consolidation loan with the estimated rate shown for the calculation.
This helps you compare your current situation to what might happen if you consolidated your debt. Your rate may vary based on the information contained within your application. These numbers are for comparison purposes only.
With a debt consolidation loan, you can get a lump sum to pay off your higher-interest balances from credit cards, medical bills, and more. You can have funds sent directly to your creditors, making it easy to consolidate your debt.
With a debt consolidation loan, you can also simplify and save by consolidating multiple higher-rate payments into one fixed payment. Learn more about strategies to pay down debt.
With a fixed rate loan, you could lock in an interest rate that's lower than what you're currently paying on your outstanding balances. This means you'll pay less in interest over time. Additionally, a fixed rate loan can lower your monthly payments to help you save money each month, and it may help you pay down your debt faster. Read more about consolidating debt to save money.
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